RTTNews | Jan 26, 2021 12:40AM EST

00:39 Tuesday, January 26, 2021 (RTTNews.com) - LyondellBasell (LYB), a plastics, chemicals and refining company, announced late Monday that it has signed an agreement with China Petroleum & Chemical Corp. or Sinopec to form a 50:50 joint venture to produce propylene oxide or PO and styrene monomer or SM in China's domestic market. The startup is expected at the end of 2021.

The JV, which was first announced in mid December, will operate under the name Ningbo ZRCC LyondellBasell New Material Co. Ltd.

The JV will construct a new PO and SM unit in Zhenhai Ningbo, China. It will have 275 kilotons per annum or KTA capacity of PO and 600 KTA capacity of SM.

The unit will use LyondellBasell's PO / SM technology. Products produced by the JV will be marketed equally by both partners, significantly expanding their respective participation in the Chinese market for PO and SM.

The formation of the JV is subject to approvals by relevant government authorities, including antitrust review by the State Administration for Market Regulation.

LyondellBasell expects to make its equity contribution to the JV during the first quarter of 2021.

LyondellBasell operates five wholly-owned facilities in China which are located in Guangzhou, Suzhou, Dalian, Dongguan and Changshu.

Read the original article on RTTNews ( https://www.rttnews.com/3163142/lyondellbasell-sinopec-to-form-chinese-jv-to-produce-propylene-oxide-styrene-monomer.aspx)

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